Maersk Sells Its Stake in ESVAGT
Danish conglomerate A.P Moller-Maersk said Tuesday two international infrastructure investors have agreed to buy 100% of the Danish company ESVAGT from Maersk Group and ESE-Holding A/S.
The sale amounts to a value of 4.1 billion Danish kroner equaling to approximately USD $610 million.
Maersk said 3i Infrastructure PLC and AMP Capital have agreed to jointly acquire ESVAGT, a company providing safety and support at sea. ESVAGT, headquartered in Esbjerg, Denmark, was founded in 1981. The Maersk Group bought 50% of the company in 1991 and increased its ownership to 75% in 1998. The remaining 25% has remained with ESE-Holding A/S.
Excelling in providing safety and support at sea, ESVAGT has since 2009 more than doubled its turnover and is one of the industry's most profitable companies. The company is in a strong position to continuously develop its wide range of specialized offshore services and grow further.
”ESVAGT is a sound, well-run company with an exceptional operational excellence, and we have assessed how we best serve ESVAGT’s long-term interest, as they are not part of the Maersk Group’s core business. The sale to 3i Infrastructure plc. and AMP Capital has proven to be the best way of ensuring that ESVAGT can continue its development based on a strong culture and heritage, while at the same time creating value for the shareholders,” said Maersk Group CFO and Chairman of the Board in ESVAGT, Trond Westlie.
Kent Kirk, co-founder of ESVAGT and shareholder in ESE-Holding A/S, commented: “ESVAGT was founded in 1981 to abate unemployment in the fishing industry. Many skilled employees, both current and former, have been employed by the company, and we are happy to have been able to offer a large number of young people a career at sea,” he said.
“Almost 25 years of collaboration with the Maersk Group has meant ESVAGT is now industry leader when it comes to safety at sea. We are happy that by selling to 3i Infrastructure plc and AMP Capital, we have found a shareholder group who will invest with the long-term perspective.”
With ESVAGT’s strong market position and a long-term growth strategy, which is expected to support continued profitable growth, the new shareholder group is dedicated to build on ESVAGT’s business strategy and well-known operational excellence.
